# Canada Protection Plan
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> Source: https://en.wikipedia.org/wiki/Canada_Protection_Plan
> Source revision: 1356439108
> License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/)
{{short description|Life insurance company based in Canada}}
{{distinguish|Canada Pension Plan}}
{{Infobox company
| name = Canada Protection Plan
| logo = Canada Protection Plan Logo.png
| type = [Subsidiary](/source/Subsidiary)
| industry = [Insurance](/source/Insurance)
| founded = 1992
| hq_location = [Toronto](/source/Toronto), Ontario, Canada
| key_people = Matt Berman (President, Foresters Financial in the U.S. and Canada)
| parent = [Foresters Financial](/source/Independent_Order_of_Foresters)
| products = [Life insurance](/source/Life_insurance)
| website = {{URL|cpp.ca}}
}}
'''Canada Protection Plan''' ({{langx|fr|Plan de protection du Canada}}) is a Canadian [life insurance](/source/life_insurance) distribution company headquartered in [Toronto](/source/Toronto), [Ontario](/source/Ontario). Founded in 1992, its primary product is "no medical and simplified issue" life insurance sold directly and through a network of insurance advisors.[{{Cite web|last=Moorcraft|first=Bethan|date=2018-02-19|title='We are our own disruptor!'|url=https://www.insurancebusinessmag.com/ca/news/breaking-news/we-are-our-own-disruptor-92604.aspx|access-date=2020-12-16|website=Insurance Business Canada|language=en}}] In November 2019, the company opened an office in [Montreal](/source/Montreal), Quebec.[{{Cite web|last=Thériault|first=Alain|date=2019-11-26|title=Plan de protection du Canada ouvre son premier bureau au Québec|url=http://portail-assurance.ca/article/plan-de-protection-du-canada-ouvre-son-premier-bureau-au-quebec/|access-date=2020-12-16|website=Portail de l'assurance|language=fr}}][{{Cite web|last=Almazora|first=Leo|date=2019-11-27|title=Canada Protection Plan opens Montreal office|url=https://www.lifehealthpro.ca/news/canada-protection-plan-opens-montreal-office-323228.aspx|url-status=live|archive-url=https://web.archive.org/web/20200811005825/https://www.lifehealthpro.ca/news/canada-protection-plan-opens-montreal-office-323228.aspx |archive-date=2020-08-11 |access-date=2020-12-16|website=Life Health Pro Canada}}]
On October 1, 2020, Canada Protection Plan was [acquired](/source/Mergers_and_acquisitions) by Toronto-based [fraternal](/source/Benefit_society) life insurer [Foresters Financial](/source/Independent_Order_of_Foresters).[{{Cite web|last=Mezzetta|first=Rudy|date=2020-10-02|title=Foresters and Canada Protection Plan announce merger|url=https://www.advisor.ca/news/industry-news/foresters-and-canada-protection-plan-announce-merger/|url-status=live|archive-url=https://web.archive.org/web/20201005125634/https://www.advisor.ca/news/industry-news/foresters-and-canada-protection-plan-announce-merger/ |archive-date=2020-10-05 |access-date=2020-12-16|website=Advisor's Edge|language=en}}][{{Cite web|date=2020-10-05|title=Foresters Financial agrees to combine with Canada Protection Plan|url=https://www.lifeinsuranceinternational.com/news/foresters-financial-combine-canada-protection-plan/|access-date=2020-12-16|website=Life Insurance International|language=en-US}}] Foresters has been the exclusive [underwriter](/source/Underwriting) of Canada Protection Plan's life insurance products since 2008.[{{Cite web|last=Cluett|first=Mark|date=2020-08-18|title=Canada's biggest life insurance companies|url=https://www.policyadvisor.com/biggest-life-insurance-companies-in-canada/|access-date=2020-12-16|website=PolicyAdvisor|language=en-US}}] With the acquisition, Canada Protection Plan is now a Foresters Financial company.[{{Cite web|date=2020-10-05|title=Foresters Financial, Canada Protection Plan to merge operations|url=https://www.nsinsurance.com/news/foresters-financial-canada-protection-plan/|access-date=2020-12-16|website=NS Insurance|language=en-US}}][{{Cite web|last=Almazora|first=Leo|date=|title=Foresters Financial and Canada Protection Plan declare union|url=https://www.lifehealthpro.ca/news/foresters-financial-and-canada-protection-plan-declare-union-333884.aspx|url-status=live|archive-url=https://web.archive.org/web/20201027232226/https://www.lifehealthpro.ca/news/foresters-financial-and-canada-protection-plan-declare-union-333884.aspx |archive-date=2020-10-27 |access-date=2020-12-16|website=Life Health Pro Canada}}] Foresters continues to operate as it did in the [United Kingdom](/source/United_Kingdom) and the [United States](/source/United_States).[{{Cite web|last=|first=|date=|title=Foresters Financial and Canada Protection Plan join forces|url=https://www.foresters.com/en-ca/about-foresters-financial/newsroom/news-releases/foresters-financial-and-canada-protection-plan-join-forces|url-status=live|archive-url=https://web.archive.org/web/20201027095117/https://www.foresters.com/en-ca/about-foresters-financial/newsroom/news-releases/foresters-financial-and-canada-protection-plan-join-forces |archive-date=2020-10-27 |access-date=2020-12-16|website=Foresters Financial}}]
Matt Berman, the President of Foresters Financial in the U.S. and Canada, also oversees [Canada Protection Plan](/source/Canada_Protection_Plan).[{{cite web|date=2023-03-01|title=Matt Berman Named President, Foresters Financial US and Canada|url=https://www.foresters.com/en-ca/about/newsroom/news-releases/matt-berman-named-president}}]
== History ==
Canada Protection Plan was founded in 1992 in [Toronto](/source/Toronto), Ontario, Canada.[{{Cite web|last=|first=|date=2018-11-26|title=Life Insurance Canada - A Guide to CPP Insurance Products and Eligibility|url=https://www.insurdinary.ca/life-insurance-in-canada-a-guide-to-canada-protection-plan-products-and-eligibility/|url-status=live|archive-url=https://web.archive.org/web/20200929094119/https://www.insurdinary.ca/life-insurance-in-canada-a-guide-to-canada-protection-plan-products-and-eligibility/ |archive-date=2020-09-29 |access-date=2020-12-16|website=Insurdinary|language=en-CA}}] From its inception, the company offered non-medical permanent [life insurance](/source/life_insurance), sold through independent [insurance advisors](/source/Insurance_broker).[{{Cite web|last=Moorcraft|first=Bethan|date=2018-09-24|title='Millennials are looking for new ways of getting insurance'|url=https://www.insurancebusinessmag.com/ca/news/breaking-news/millennials-are-looking-for-new-ways-of-getting-insurance-112097.aspx|access-date=2020-12-16|website=Insurance Business Canada|language=en}}] In 2006, the company introduced its first range of non-medical [term life insurance](/source/term_life_insurance) products as well as an [inbound call centre](/source/Call_centre) which, by 2008, was staffed with licensed Life Insurance Advisors who could sell products over the phone.[{{Cite web|title=Canada Protection Plan {{!}} Life Insurance Companies [Reviews]|url=https://emma.ca/insurance-companies/canada-protection-plan|access-date=2020-12-16|website=Emma}}][{{Cite web|last=Adamson|first=Gavin|date=2010-10-18|title=Foresters aims to grow on back of balance sheet strength|url=https://www.investmentexecutive.com/newspaper_/news-newspaper/news-55364/|access-date=2020-12-16|website=Investment Executive|language=en}}]
On March 25, 2015, Canada Protection Plan introduced additional life insurance coverage, including a 25-year decreasing term product for [mortgage protection](/source/Mortgage_insurance) and a hybrid product, allowing applicants to choose either no medical or full [medical underwriting](/source/medical_underwriting).[{{Cite web|last=Thériault|first=Alain|date=2015-03-30|title=Canada Protection Plan launches hybrid life insurance|url=http://insurance-portal.ca/article/canada-protection-plan-launches-hybrid-life-insurance/|access-date=2020-12-16|website=Insurance Portal|language=en}}] Eighteen months later, the company increased its no medical [face amounts](/source/Face_value) to $500,000 and expanded eligibility to include non-aggressive [cancer](/source/cancer)s, [coronary artery disease](/source/coronary_artery_disease)s, and [multiple sclerosis](/source/multiple_sclerosis).[{{Cite web|last=Harman|first=Megan|date=2016-11-03|title=Canada Protection Plan makes it easier for clients with serious conditions to be insured|url=https://www.investmentexecutive.com/news/products/canada-protection-plan-makes-it-easier-for-clients-with-serious-conditions-to-be-insured/|access-date=2020-12-16|website=Investment Executive|language=en}}]
In October 2019, Canada Protection Plan announced increases in coverage amounts for two of their no medical life insurance plans: Express Elite Term Insurance, increased from $500,000 to $750,000; and Guaranteed Acceptance Life, increased from $25,000 to $50,000.[{{Cite web|last=Javier|first=Rozelle Alyssa|date=2019-11-04|title=Sompo Japan to launch flood insurance; Willis Towers Watson's cyber products|url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/7G50vP8b4_m7vTNLiG80AA2|url-status=live|archive-url=https://web.archive.org/web/20211228040935/https://www.spglobal.com/marketintelligence/en/news-insights/trending/7g50vp8b4_m7vtnlig80aa2 |archive-date=2021-12-28 |access-date=2020-12-16|website=S&P Global Market Intelligence|language=en-us}}] In the following month, Canada Protection Plan opened a new office in [Montreal](/source/Montreal), Quebec, the company's first outside Ontario.[{{Cite web|last=Thériault|first=Alain|date=2019-12-02|title=Canada Protection Plan opens first Quebec office|url=http://insurance-portal.ca/article/canada-protection-plan-opens-first-quebec-office/|access-date=2020-12-16|website=Insurance Portal|language=en}}]
In October 2020, Canada Protection Plan was [acquired](/source/Consolidation_(business)) by [Foresters Financial](/source/Independent_Order_of_Foresters), leveraging the collective strengths of a longstanding relationship between the two organizations.[{{Cite web|last=Bell|first=Allison|date=2020-10-09|title=Integrity Marketing Acquires Assurance: Deals|url=https://www.thinkadvisor.com/2020/10/09/integrity-marketing-acquires-assurance-deals/|url-status=live|archive-url=https://web.archive.org/web/20210124153626/https://www.thinkadvisor.com/2020/10/09/integrity-marketing-acquires-assurance-deals/ |archive-date=2021-01-24 |access-date=2020-12-16|website=ThinkAdvisor|language=en}}][{{Cite web|last=Moorcraft|first=Bethan|date=2020-10-02|title=Foresters Financial and Canada Protection Plan announce merger|url=https://www.insurancebusinessmag.com/ca/news/breaking-news/foresters-financial-and-canada-protection-plan-announce-merger-235186.aspx|access-date=2020-12-16|website=Insurance Business Canada|language=en}}]
== Products ==
Canada Protection Plan offers a range of life and critical illness [insurance](/source/insurance) products, many of which are available without the need for [medical test](/source/medical_test)s or [examinations](/source/Physical_examination).[{{Cite web|last=Marowits|first=Ross|date=2019-12-29|title=Canadians with health issues face difficulty finding affordable life insurance|url=https://www.ctvnews.ca/health/article/canadians-with-health-issues-face-difficulty-finding-affordable-life-insurance/|access-date=2020-12-16|website=CTVNews|language=en}}][{{Cite news|last=Gooderham|first=Mary|date=2019-11-19|title=How to protect your business from upheaval if the owner suddenly dies|work=The Globe and Mail|url=https://www.theglobeandmail.com/investing/globe-wealth/article-how-to-protect-your-business-from-upheaval-if-the-owner-suddenly-dies/|access-date=2020-12-16}}] All products are available via paper or through a contactless process, from one of over 25,000 independent advisors, or through Canada Protection Plan's in-house licensed insurance advisors.[{{Cite web|last=Almazora|first=Leo|date=2020-04-08|title=A nimble switch to full remote service|url=https://www.lifehealthpro.ca/profiles/a-nimble-switch-to-full-remote-service-328457.aspx|access-date=2020-12-16|website=Life Health Pro Canada}}] For [monthly payment plans](/source/Payment_schedule), payments begin in the second month.[{{Cite web|last=Burton|first=James|date=2019-06-05|title=Hard-to-insure specialists move into healthy market|url=https://www.lifehealthpro.ca/news/hardtoinsure-specialists-move-into-healthy-market-258073.aspx|access-date=2020-12-16|website=Life Health Pro Canada}}]
The A-Z Life Coverage is available as a term or permanent product, which includes [guaranteed acceptance](/source/Guaranteed_issue), no medical, or fully underwritten, for face amounts of $50,000 to $1 million.[{{Cite web|last=|first=|date=|title=Canada Protection Plan™ Products at a Glance {{!}} A-Z Life Coverage|url=https://www.cpp.ca/wp-content/uploads/2019/marketing-materials/PAG_AZLife_1019EN.pdf|access-date=2020-12-16|website=Canada Protection Plan}}] The Express Elite Term 20 or 30 Insurance is a no medical product available up to $750,000 and targeted to healthy adults between 18 and 60 years of age.[{{Cite web|date=2019-05-31|title=Canada Protection Plan introduces new life insurance product|url=https://www.lifeinsuranceinternational.com/news/canada-protection-plan/|access-date=2020-12-16|website=Life Insurance International|language=en-US}}]
In April 2020, Canada Protection Plan launched the Cardiac/Cancer Protect CI series of plans, which provides insurance coverage in the event of a [critical illness](/source/Intensive_care_medicine). The product offers [cardiac](/source/Cardiology) coverage to those, who have had cancer and cancer coverage to those who have had a cardiac-related diagnosis.[{{Cite web|last=Almazora|first=Leo|date=2020-04-29|title=Simplifying critical illness insurance for Canadians|url=https://www.lifehealthpro.ca/profiles/simplifying-critical-illness-insurance-for-canadians-329112.aspx|access-date=2020-12-16|website=Life Health Pro Canada}}]
== Recognition ==
In 2019 and 2020, Canada Protection Plan was one of the finalists at the annual Insurance Business Canada Awards for The [Advocis](/source/Advocis) Award for Life and [Health Insurer](/source/Health_insurance) of the Year.[{{Cite web|last=|first=|date=|title=Insurance Business Awards {{!}} Winners & Finalists 2019|url=https://ibawards.ca/winners-finalists/2019-winners-finalists|url-status=live|archive-url=https://web.archive.org/web/20200811010858/https://ibawards.ca/winners-finalists/2019-winners-finalists |archive-date=2020-08-11 |access-date=2020-12-16|website=Insurance Business Awards|language=en-gb}}] In 2020, Canada Protection Plan was presented with The Advocis Award for Life and Health Insurer of the Year.[{{Cite web|last=|first=|date=|title=Insurance Business Awards {{!}} 2020 Finalists|url=https://ibawards.ca/winners-finalists/2020-winners-finalists|url-status=live|archive-url=https://web.archive.org/web/20201030232509/https://ibawards.ca/winners-finalists/2020-winners-finalists |archive-date=2020-10-30 |access-date=2020-12-16|website=Insurance Business Awards|language=en-gb}}][{{Cite web|last=Grzadkowska|first=Alicja|date=2020-11-20|title=Revealed – Winners of the 2020 Insurance Business Awards|url=https://www.insurancebusinessmag.com/ca/news/breaking-news/revealed--winners-of-the-2020-insurance-business-awards-239774.aspx|url-status=live|archive-url=https://web.archive.org/web/20201120173120/https://www.insurancebusinessmag.com/ca/news/breaking-news/revealed--winners-of-the-2020-insurance-business-awards-239774.aspx |archive-date=2020-11-20 |access-date=2020-12-16|website=Insurance Business Canada|language=en}}]
== References ==
{{reflist}}
== External links ==
* [https://www.cpp.ca/ Canada Protection Plan]
Category:Life insurance companies of Canada
Category:Financial services companies established in 1992
Category:Financial services companies based in Toronto
Category:1992 establishments in Ontario
---
Adapted from the Wikipedia article [Canada Protection Plan](https://en.wikipedia.org/wiki/Canada_Protection_Plan) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Canada_Protection_Plan?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.